BITCOIN as an alternative to regular currency

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cyxstudio
Posts: 297
Joined: Sun Mar 23, 2014 11:18 pm

Euler wrote:
Mon Jan 08, 2018 1:25 pm
Zenyatta wrote:
Mon Jan 08, 2018 6:56 am
So these valid reasons do I think show that the crypto-currencies do have *some* minimum value as an alternative store of value to government fiat money?
Prof Ethan Ilzetzki at the London School of Economics told the BBC: "A digital unit of currency has no intrinsic value unless it can be used in transactions, and I cannot name a single cryptocurrency that is more useful in transactions than a credit card that's denominated in dollars or pounds or yen.
do credit cards provide

-anonymity ?
-fast transaction ?
-low fees?
-simplicity?
-inflation proof?
-censorship proof?
steven1976
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Joined: Tue Jan 19, 2010 6:28 am

cyxstudio wrote:
Wed Jan 10, 2018 1:13 pm
Euler wrote:
Mon Jan 08, 2018 1:25 pm
Zenyatta wrote:
Mon Jan 08, 2018 6:56 am
So these valid reasons do I think show that the crypto-currencies do have *some* minimum value as an alternative store of value to government fiat money?
Prof Ethan Ilzetzki at the London School of Economics told the BBC: "A digital unit of currency has no intrinsic value unless it can be used in transactions, and I cannot name a single cryptocurrency that is more useful in transactions than a credit card that's denominated in dollars or pounds or yen.
do credit cards provide

-anonymity ?
-fast transaction ?
-low fees?
-simplicity?
-inflation proof?
-censorship proof?
Bitcoin charge around 50 $ for a transaction and can take up to 12 hrs cant they to process?
https://bitinfocharts.com/comparison/bi ... nfees.html
cyxstudio
Posts: 297
Joined: Sun Mar 23, 2014 11:18 pm

steven1976 wrote:
Fri Jan 12, 2018 10:47 pm
cyxstudio wrote:
Wed Jan 10, 2018 1:13 pm
Euler wrote:
Mon Jan 08, 2018 1:25 pm


Prof Ethan Ilzetzki at the London School of Economics told the BBC: "A digital unit of currency has no intrinsic value unless it can be used in transactions, and I cannot name a single cryptocurrency that is more useful in transactions than a credit card that's denominated in dollars or pounds or yen.
do credit cards provide

-anonymity ?
-fast transaction ?
-low fees?
-simplicity?
-inflation proof?
-censorship proof?
Bitcoin charge around 50 $ for a transaction and can take up to 12 hrs cant they to process?
https://bitinfocharts.com/comparison/bi ... nfees.html

scaling is one of the toughest problems now. Lightning network will solve that. (hopefully)
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Euler
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Everyone Is Getting Hilariously Rich and You’re Not

https://www.nytimes.com/2018/01/13/styl ... aires.html
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marksmeets302
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For your daily bitcoin-wtf? moment:

Researchers find that one person likely drove Bitcoin from $150 to $1,000.

https://techcrunch.com/2018/01/15/resea ... 0-to-1000/
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Euler
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That previous article I posted showed a lot of the wealth is concentrated in only a small group, so entirely possible I would think. A lack of sellers on the way up probably magnifies it.
RicHep365
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Joined: Thu Nov 23, 2017 9:42 am

Euler wrote:
Tue Jan 16, 2018 8:08 am
That previous article I posted showed a lot of the wealth is concentrated in only a small group, so entirely possible I would think. A lack of sellers on the way up probably magnifies it.
The whole crypto market is getting smashed today, it's funny reading the comments of the people that have put all their eggs in the crypto basket thinking it could only go one way!
dragontrades
Posts: 1248
Joined: Wed Oct 19, 2016 11:22 pm

flushing the dumb money out of the market that has flooded into sh*t coins.
I love cryptos but it has become full of people trying make money out of gullible people with ponzis and systems and free money.
I am buying up litecoin during this drop.
It has long term legs
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Euler
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When the speculative money finally falls out of the system we may be able to see the wood for the trees.
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ShaunWhite
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Euler wrote:
Tue Jan 16, 2018 2:16 pm
When the speculative money finally falls out of the system we may be able to see the wood for the trees.
And until that day they will be known as Schrödinger's Coins.
Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

hype_cycle.jpg
Yes, I do think we've finally entered the 'blow-off' phase of the hype cycle, and as I was saying earlier in the thread...we're just moving out of the 'bull trap' and the crash is proceeding (see attached 'hype cycle' graph again).

Precipitous decline today, with bitcoin down below $11K now on the back of bad news about increased crypto-currency regulation in Asia. I'm guessing it won't level off until we reach the cost of mining ($1K - $2K). Other coins simply following Bitcoin price and declining as well.
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Orixian
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Zenyatta wrote:
Wed Jan 17, 2018 4:44 am
hype_cycle.jpgYes, I do think we've finally entered the 'blow-off' phase of the hype cycle, and as I was saying earlier in the thread...we're just moving out of the 'bull trap' and the crash is proceeding (see attached 'hype cycle' graph again).

Precipitous decline today, with bitcoin down below $11K now on the back of bad news about increased crypto-currency regulation in Asia. I'm guessing it won't level off until we reach the cost of mining ($1K - $2K). Other coins simply following Bitcoin price and declining as well.

Whilst the death of bitcoin would be horrific for the price of all other coins in the short term It would almost certainly be good in the long term. Bitcoin is a failure as a project now, its failure to solve the scaling problem even though its core team have know about it since day one has left it utterly useless as a currency and I question why its a better store of value than other currencies with demonstrable utility. Other coins deserve a lot more attention and should get them in due time. Also other coins will be much more likely to get on with regulators. Ethereum is very compliant and is essentially ruled by a governing body.
mcfc1981
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Would have thought Crypto is here to stay.......in what form who knows
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northbound
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mcfc1981 wrote:
Wed Jan 17, 2018 2:08 pm
Would have thought Crypto is here to stay.......in what form who knows
Agree.

My guess is that the next phase will reward platforms that embrace regulations and compliance.

THE OLD - BANKS. They hold and custody our assets for us. That money is ours, but technically a government can shut banks for a few days and steal some of that money (Cyprus 2013).

THE NEW - UNREGULATED BLOCKCHAIN. You hold and custody your assets yourself (bitcoin, tokens, etc). However, banks and governments make it increasingly difficult to withdraw bitcoin to cash.

POSSIBLE FUTURE SCENARIO - REGULATED HYBRID. Think a blockchain where you have full control of your assets (bitcoin, tokens, stocks, etc). A financial company lets you link and verify your blockchain address through proper KYC/AML checks. Now you can trade fiat, cryptocurrencies, stocks, without limits, following regulations and without giving banks/governments the ability of stealing those assets from you.

Ethos are building something like that and I feel it has great potential.
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Euler
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Guarantee you people are anchored to their purchase price of crypo's so when that is breached new selling will set it.
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